The company had posted a profit after tax of Rs 1,216.3 crore in corresponding quarter of the last fiscal, it said in a stock exchange filing. BPCL had a gross refining margin (GRM) of USD 8.55 per barrel in the April-June quarter of the fiscal, as against USD 3.38 it earned on refining every barrel of crude oil in the same quarter of last year.

Total income during the quarter in question was down 22.2 percent at Rs 51,966 crore compared to Rs 66,794 crore in year-ago period, pulled down mainly by plunging crude oil prices.

Its other income fell to Rs 330 crore compared to Rs 1,020 crore in the same period a year ago, while corresponding tax expenses were at Rs 1,120 crore against Rs 575.1 crore a year ago.

BPCL is planning to diversify into downstream petrochemicals with an  investment of Rs 14,225 crore for expansion at its Kochi refinery, and Rs 5,000 crore for setting up a petrochemical joint venture.

The BPCL stock closed yesterday at Rs 875.80 a share, down 9.70 points, or  1.10 percent, over its previous close on the BSE.

 

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